CASE STUDY

CF&P Insurance Brokers increased financing adoption by 12pts

12pt increase

in premium finance adoption

40% decrease

in time spent collecting premiums

2 week

earlier start on renewals

About CF&P Insurance

‍

CF&P Insurance is a family-owned, third-generation, independent insurance agency proudly serving clients across Walnut Creek, Oakland, and the San Francisco Bay Area. Established in 1937, they have over 80 years of experience, skills, and dedication to ensure clients are protected and covered for all of their personal and commercial insurance needs.

HQ
Walnut Creek, CA
Employees
17
Founded
1937
AMS
ZyWave

Challenges

‍

With the hardening market in California, the team at CF&P Insurance Brokers was spending more and more time quoting from E&S markets and collecting premiums for agency billed policies. On top of this, CF&P did not accept credit card payments and more customers were asking to be able to pay via card. All the back and forth to manage agency billed policies was taking time away from getting a head start on renewals, an area that leadership wanted the team to focus more on.

We not only saw a significant amount of time saved for our team but also saw an increase in financing adoption from our clients, a win-win for us.

Michael Crist

Partner

Solution

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Ascend was introduced as a single platform to manage CF&P Insurance Broker's agency bill process. With Ascend, they could offer both pay in full or premium financing for every policy as well as flexible digital payment methods (credit, debit, or ACH).

Ascend also automated the commission and carrier payables so that when a policy was sold, the accounting team no longer had to move funds between trust and operational accounts - Ascend funded all the carriers/wholesalers while paying out commissions directly to CF&P.

Results

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CF&P Insurance Brokers saw a significant amount of time saved managing the premium collection and carrier payables process. This time saved allowed the team to spend more time focused on getting a head start on policies up for renewal. Ascend's dashboard also provided a real-time status of all pending and completed AR/AP - allowing the accounting team to easily monitor and track all outstanding or pending payments to the agency or to their carriers.

On top of this, because CF&P was able to easily offer premium financing for every policy at the point of sale, they saw a 12pt increase in premium financing adoption, creating a new revenue stream for the agency while being able to provide clients the ability to choose how they best wanted to pay for policies.

‍

Ascend been very helpful for us as we navigate the hardening market. We've been able to save so much time for our team.

Michael Crist

Partner

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